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    Smith and McKinley

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    Is Adam Smith still relevant today?

    Compare Smith and McKinley's ideas.

    © BrainMass Inc. brainmass.com June 4, 2020, 3:05 am ad1c9bdddf

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    Is Adam Smith relevant today?

    Adam Smith, who wrote a lengthy book with a lengthy title "An Inquiry Into the Nature and Causes of the Wealth of Nations", founded an economic theory based on Laissez Faire theory. He envisioned that a wealthy economy is an economy governed by the natural law and order. He advocated a free trade regime. Smith said that nature has a self-adjusting mechanism that will correct economic abnormality if the economy is left on its own.

    Is Adam Smith still relevant today?

    The answer is yes!

    Today, every society and every economy strive towards specialization to attain comparative advantages in export. Specialization, as an economic concept, is one of the principles he advocated in his book.

    In the production world today, factories and offices practice division of labor to improve productivity. The United State economy is described ...

    Solution Summary

    The solution discusses the relevance of Smith's contribution to economics discipline. The discussion also compares Smith's
    free trade with the protectionist policy of McKinley.